Dow Jones sails past 23000 milestone, hitting record highs


Dow 23,000 is the fifth time the index hit a thousand-point milestone since Trump was elected in November. The Russell 2000 index of smaller-company stocks fell 5.18 points, or 0.3 percent, to 1,497.50.

"The good news is the number of companies now beating estimates, and the margin by which they are doing so, is running above what these same 52 companies have recorded, on average, over the past three years and their top-line revenue growth has accelerated more", said Nick Raich, CEO of The Earnings Scout, in a note.

Solid earnings and hopes that President Donald Trump may be able to make progress on tax cuts have helped the market rally this year.

The dollar climbed higher, tracking higher U.S. Treasury yields, while news on a potential new hawkish Federal Reserve chair and the slow progress of U.S. tax reforms also supported the greenback.

About 5.5 billion shares changed hands on US exchanges.

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Technology index's 0.22 percent rise, led by gains in IBM, was the biggest boost to the S&P index.

The Dow Jones Industrial Average was up 29.42 points, or 0.13 percent, at 22,986.38, after briefly hitting the 23,000 mark earlier. The S&P 500 decreased 7.58 points, or 0.30 percent, to 2,553.68. Biogen rose $8.799, or 2.6 percent, to $344.47, while Anthem rose $3.50, or 1.9 percent, to $187.26. Apple shares gained 1.8 percent following a bullish brokerage call on the iPhone maker.

Winners and Losers: Freeport-McMoRan sunk 2.23 percent after Deutsche Bank downgraded the mining company's stock to "Sell".

Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored decliners.